A quick reminder on memory, because the numbers right now are eye watering. DRAM and NAND prices are up well over 50%, and the stocks have followed. Here is the thing every investor should keep in mind: memory is a commodity, and commodities are cyclical. High prices cure high prices, because they eventually pull in more supply.

What is genuinely different this time is that a big chunk of demand, high bandwidth memory for AI, is locked up on long term contracts rather than sold on the spot market. That should make the cycle smoother than past ones. Should, not will. The lesson is not to avoid the sector, it is to size it knowing that the most dangerous moment in any commodity is when it feels like the price can only go up.